In today’s episode of The Startup Chat, Steli and Hiten talk about affiliate how to rebrand your company the right way.
Sometimes, some founders might decide to change the name of their company. This could be because they don’t like the name, the name is not resonating with their customers or they need a new name that reflects the current state of the company. While it may be a good idea to change the name, doing so a lot comes with a lot of risks and the rewards might not be that great.
Listen to Steli and Hiten talk about when the is the right time to rebrand your company, how to pull of a successful rebrand, examples of companies that rebranded the right way and much more.
Time Stamped Show Notes:
00:00 About today’s topic.
01:00 Why this topic was chosen?
01:39 How you know that rebranding is a good idea.
01:50 The two main types of rebrand that companies do .
02:53 Why you should think carefully about a name change.
03:12 Reasons to rebrand.
04:00 A major reason why companies change their names.
04:54 Another common reason companies change their names.
05:03 How changing your names is changing the perception of your brand.
06:45 How there’s a lot of risk when changing the name of your company.
07:23 How thinking through whether to change your name helps you come up with a better name.
3 Key Points:
You really want to think about why am I changing the name.
One of the key reasons companies rebrand is because they are running into a big issue.
Changing the name for selfish reasons can work out but there’s a lot of risk involved .
Steli Efti: Hey everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah and on today's episode of the Start Up Chat, we're going to talk about how to rebrand your company. How to change the name, how to change the branding. All right, Steli. What do ya got?
Steli Efti: I don't know, I mean this is an interesting one, right? In a prior episode we talked about how to brand your company or start up, how to give your product a name. In this one we wanted to talk about what do you do when you ... A. How do you know that you should really change the name if you're not happy with it or the results aren't good? And then how do you pull that off? I think just recently, for whatever reason, I saw two examples. We're not going to name names, but two examples of a company that tried to rebrand and it didn't quite work as well as they wanted. In one example they even had to backtrack and change the decision again, which I assume was incredibly painful and very costly, very distracting doing so much work to do a new website, a new logo, and announce it to the world and to the company, and then having to a few weeks later take all that back, and go back to the old name. I thought it would be useful to talk, a. When do you know that you should rename or rebrand? How do you make that decision rationally? And then if you do it, how do you do it well so it doesn't create a massive amount of friction or problems, and you pull it off in a successful way. So let's start off with the first question. The fundamental one is how do you know that rebranding is a good idea, and renaming is a good idea? I have a sense of how we're going to start this conversation off, but I always love to throw that ball to you, and see if you're going to surprise me.
Hiten Shah: I want to say, there's two types of rebranding. There's the kind like Intercom has done, where they went from Intercom.ia to Intercom.com. That's easy.
Steli Efti: I didn't even know, I don't even remember that, but that makes sense.
Hiten Shah: Yeah, they were, for the longest time. Yeah. That's one kind of rebranding,